Lufax Raising More Money Privately As They Delay Their IPO

After Ant Financial one of the most talked about fintech companies in China is Lufax. They have been exploring an IPO this year but according to Reuters those plans are now on hold. Instead, Lufax is looking to raise up to $2 billion privately at a reported $40 billion valuation. According to Reuters sources the company has postponed the IPO amid uncertainty in consumer lending as Chinese authorities formulate regulation for the fast-growing sector under a broader campaign to curb financial risk. In their previous round in 2016 Lufax raised $1.2 billion valuing the firm at $18.5 billion. Source.